"As long as you don't touch cryptocurrencies, you can earn anything"—this phrase has now become the most authentic portrayal of the crypto world.

A comparison reveals the clues. In 2025, gold surged by 60%, and silver skyrocketed by an astonishing 210.9%. The US stock market was also booming, with the Russell 2000 index steadily rising by 12.8%; even the STAR Market 50 in A-shares saw monthly gains of over 15%. Various assets took turns climbing, and capital was everywhere.

But what about Bitcoin? Even after briefly reaching new highs, it ended with a bearish candle. Entering 2026, the situation became even more absurd. On January 20th, gold and silver both hit record highs, the Russell 2000 outperformed the S&P 500 for 11 consecutive days, yet Bitcoin directly experienced six consecutive declines, dropping from a high of $98,000 and falling below $90,000 again.

Since mid-October last year, capital seems to have lost patience with the crypto circle. Bitcoin has been fluctuating below $100,000 for over three months, setting the record for the lowest volatility in history—and this "silence" itself indicates a problem. Disappointment is spreading in the crypto world, and investors fleeing to other markets have even come up with a saying: ABC secret, which stands for "Anything But Crypto"—as long as you stay away from cryptocurrencies, you can get a share.

Bitcoin was once highly anticipated, endorsed by Wall Street, and officially recognized, but why has it been retreating step by step amid this wave of asset-wide gains? This question is worth serious reflection for every participant.